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How Smart City Impacts Real Estate

By Enterprise Technology Review | Monday, September 14, 2020

When it comes to smart cities, affordable energy usage and connected buildings will attract massive investments in the real estate sphere.

FREMONT, CA: The idea of a smart city is one of the most fashionable concepts in the present times. At its core, smart cities focus on efficiency. The real estate sector can propel the evolution of smart cities, and it one of the major beneficiaries of this new entrant.

Smart city technology will attract price premiums through buildings that operate efficiently. Such constructions will be more desired by the customers. This is because smart buildings will gather buyers’ attention due to lower operating costs and improved retention of value. Furthermore, the ubiquity of interactive technology and customized services in smart cities will result in increasingly high expectations from the service providers. Given that, those who are unable to keep up with this new environment will risk themselves being left alone.

A smart city is a key facilitator in the run towards flexible property uses. Innovations in the future will need to be actualized with greater flexibility in mind, to enable future technologies to drive the most efficient use of the resources. Greater transparency in the performance, as well as access to real estate, will result in a shift from traditional leases, towards services-based models with simpler and more flexible contracts.

The increased access of data from public and private sources will enhance the quality of evidence to make planning arguments, to justify investment decisions, devise master plans, and many more. Realtors will have to understand these disparate data sources and how they can utilize them. As smart cities push the frontiers of technology and innovation, realtors will need to collaborate with various stakeholders to develop effective solutions for development challenges.

Smart buildings have the potential to minimize energy use, actualize preventative maintenance, and offset operating costs. Primarily building and resident data means improved transparency in real estate transactions, enabling renters and buyers to comprehend assets in a better way. With all this, it can be clearly said that a smart city will emerge as an excellent disruptor for the real estate industry.

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